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Oxford Life partners with Vision Service Plan; Pie Insurance expands into NJ

A recap of selected product launches and coverage initiatives in the insurance space. Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

Singapore-based Etiqa Insurance Pte Ltd. unveiled a cancer insurance plan with a no-claim discount feature. The plan offers full coverage and a 100% sum insured payout for policyholders diagnosed with cancer at any stage.

Policyholders will also receive a 6% discount on annual premiums when they renew their policy if no claims have been made in the previous policy term. The plan also includes a death benefit of S$5,000.

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Oxford Life Insurance Co. partnered with Vision Service Plan Inc. to offer Vision Service Plan's individual vision plans to its policyholders.

Oxford Life policyholders will also have the option to participate in the ChooseHealthy health and wellness program, which offers discounts for members on health and fitness products and services through an online marketplace and fitness center memberships through the Active&Fit Direct program.

Property and casualty

SafeWaters Underwriting Managers and Nationwide Mutual Group entered into a delegated authority underwriting agreement to provide insurance solutions for yacht owners, which will be available in all 50 states.

The National Cannabis Risk Management Association, or NCRMA, partnered with Garnet Casualty Insurance Corp. to serve the association's members.

Garnet Casualty, which is in the process of registration, will be wholly owned by NCRMA's policy-holding constituents. The business will operate separately from NCRMA to create programs for cannabis-related risks.

NCRMA Chairman Rocco Petrilli and Brian Nelson were appointed to the senior management team at Garnet Casualty.

Pie Insurance offers coverage to small businesses in 32 states and the District of Columbia.

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Hartford Financial Services Group Inc. partnered with Terbium Labs Inc. and BlackBerry Ltd. to expand its Hartford Cyber Center portfolio with services for the prevention of cyberattacks.

The additional services include Terbium Labs' detection of digital risk exposure across the dark web, which allows businesses to detect potential sensitive information leaks. Businesses will also be able to identify and block known and unknown malware programs and detect ransomware and other widespread security threats using BlackBerry's CylanceProtect AI and machine-learning software.

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Columbus, Ohio-based Branch Financial Inc. unveiled Vouch for Me, a new program that will allow customers to ask fellow customers to vouch for them in exchange for discounts.

The program aims to reduce the risk of insurance fraud by asking customers to vouch for each other as trusted members of their communities. Customers who have been vouched for will receive a 1% discount on their insurance plans.

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Chubb Ltd. launched the Financial Institution Bond for Asset Managers, a new fidelity bond that aims to address risks faced by asset managers.

The bond provides coverage against financial loss resulting from unauthorized access to computer system and networks and fraudulent capital transfers.

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National Interstate Insurance Co. is offering its 160 Driving Academy service to its trucking policyholders, which will be able to have their drivers assessed and certified through the service.